GLD vs. KGC
GLD (SPDR Gold Shares) is Gold fund tracking the LBMA Gold Price PM, while KGC (Kinross Gold Corporation) is a stock. Over the past 10 years, GLD returned 12.15%/yr vs 18.81%/yr for KGC. A 0.67 correlation means they provide meaningful diversification when combined.
Performance
GLD vs. KGC - Performance Comparison
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Returns By Period
In the year-to-date period, GLD achieves a -2.47% return, which is significantly higher than KGC's -8.92% return. Over the past 10 years, GLD has underperformed KGC with an annualized return of 12.15%, while KGC has yielded a comparatively higher 18.81% annualized return.
GLD
- 1D
- 0.06%
- 1M
- -10.21%
- YTD
- -2.47%
- 6M
- -2.25%
- 1Y
- 23.81%
- 3Y*
- 28.89%
- 5Y*
- 17.08%
- 10Y*
- 12.15%
KGC
- 1D
- 2.90%
- 1M
- -18.08%
- YTD
- -8.92%
- 6M
- -8.14%
- 1Y
- 65.63%
- 3Y*
- 76.13%
- 5Y*
- 29.09%
- 10Y*
- 18.81%
GLD vs. KGC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GLD SPDR Gold Shares | -2.47% | 63.68% | 26.66% | 12.69% | -0.77% | -4.15% | 24.81% | 17.86% | -1.94% | 12.81% |
KGC Kinross Gold Corporation | -8.92% | 206.11% | 55.63% | 51.83% | -27.59% | -19.00% | 56.04% | 46.30% | -25.00% | 38.91% |
Correlation
The correlation between GLD and KGC is 0.72, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.72 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.69 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.68 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.68 |
Correlation (All Time) Calculated using the full available price history since Nov 18, 2004 | 0.67 |
The correlation between GLD and KGC has been stable across timeframes, ranging from 0.67 to 0.72 - a consistent structural relationship.
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Return for Risk
GLD vs. KGC — Risk / Return Rank
GLD
KGC
GLD vs. KGC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Gold Shares (GLD) and Kinross Gold Corporation (KGC). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| GLD | KGC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.41 | ||
| Sortino ratioReturn per unit of downside risk | -0.48 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.24 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 0.98 | 1.75 | -0.77 |
| Martin ratioReturn relative to average drawdown | 2.81 | 5.20 | -2.39 |
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Drawdowns
GLD vs. KGC - Drawdown Comparison
The maximum GLD drawdown since its inception was -45.56%, smaller than the maximum KGC drawdown of -96.00%. Use the drawdown chart below to compare losses from any high point for GLD and KGC.
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Drawdown Indicators
| GLD | KGC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.56% | -96.00% | +50.44% |
Max Drawdown (1Y)Largest decline over 1 year | -24.46% | -37.69% | +13.23% |
Max Drawdown (3Y)Largest decline over 3 years | -24.46% | -37.69% | +13.23% |
Max Drawdown (5Y)Largest decline over 5 years | -24.46% | -59.29% | +34.83% |
Max Drawdown (10Y)Largest decline over 10 years | -24.46% | -67.75% | +43.29% |
Current DrawdownCurrent decline from peak | -22.05% | -32.63% | +10.58% |
Average DrawdownAverage peak-to-trough decline | -16.16% | -57.60% | +41.44% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.49% | 12.66% | -4.17% |
Volatility
GLD vs. KGC - Volatility Comparison
The current volatility for SPDR Gold Shares (GLD) is 7.79%, while Kinross Gold Corporation (KGC) has a volatility of 18.21%. This indicates that GLD experiences smaller price fluctuations and is considered to be less risky than KGC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GLD | KGC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.79% | 18.21% | -10.42% |
Volatility (6M)Calculated over the trailing 6-month period | 24.10% | 40.59% | -16.49% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.37% | 51.35% | -23.98% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.22% | 44.22% | -26.00% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.08% | 47.01% | -30.93% |
Dividends
GLD vs. KGC - Dividend Comparison
GLD has not paid dividends to shareholders, while KGC's dividend yield for the trailing twelve months is around 0.57%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
GLD SPDR Gold Shares | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
KGC Kinross Gold Corporation | 0.57% | 0.44% | 1.29% | 1.98% | 2.93% | 2.69% | 0.82% |
Frequently Asked Questions
GLD and KGC have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
KGC has higher volatility (18.21%) compared to GLD (7.79%). In terms of maximum drawdown, GLD dropped -45.56% vs KGC's -96.00%.
KGC currently has the higher Sharpe Ratio (1.29 vs 0.87), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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